Shiba Inu (SHIB) Price Plummets: Is Memecoin Dominance to Blame?

• This article discusses the recent performance of Shiba Inu (SHIB) tokens and the emergence of newer memecoins such as PEPE, WOJAK, and CHAD.
• SHIB has experienced a significant burn rate and an unusual transfer of large tokens, leading to the highest number of active holders.
• The growth in other memecoins may be contributing to SHIB’s current price decline, which is currently at $0.0000109 with 8 million tokens transferred to a dead wallet in the last 24 hours.

Overview: Shiba Inu (SHIB) Performance & Memecoin Dominance

This article discusses the recent performance of Shiba Inu (SHIB) tokens and the emergence of newer memecoins such as PEPE, WOJAK, and CHAD that are dominating in the crypto market.

Shiba Inu Token Performance

In recent times, Shiba Inu (SHIB) tokens have been performing well with the highest burn rate and an unusual transfer of huge tokens resulting in maximum count of SHIB active holders correspondingly. However, 8M SHIB tokens were transferred to a dead wallet in the last 24 hours causing its price to decline significantly.

Memecoin Dominance

Newer memecoins are ruling over SHIB in the crypto market with PEPE being one of them featuring a frog that has 10,000 active holders over a maximum total supply of around 420 trillion tokens in the market priced at $0.0000002716 with 130.92% increase in trading volume according to CoinMarketCap. Another Ethereum-based memecoin is WOJAK which got listed on Bitget exchange this week causing its market price to skyrocket and currently priced at $0.0001388 with 11.51% decrease in trading volume as per CoinMarketCap data. Similarly, CHAD is another memecoin that rallies in current crypto market listed on UniSwap v2 and v3 possessing a maximum supply of around 235 billion tokens priced at $0.00001516 with 4.45% increase in trading volume according to CoinMarketCap statistics.

Analysis: Impact Of Memecoins On Shiba Inu

The rise of various memecoins with drastic support and opportunities might be responsible for the downfall in SHIBA’s price at present which is now valued at $0.0000109 despite 8 million token transfers made into dead wallets during past 24 hours according to CoinMarketCap records .

Conclusion

The increasing popularity among different meme coins could be one reason for Shiba Inu’s downturn currently however it remains uncertain how long this trend will continue or if it will help revive SHIBA prices again soon .